Americans who identify as BIPOC, which stands for Black, indigenous and people of color, including Hispanic and Asian/Asian Americans, report receiving less professional guidance on financial matters than they did a year ago, according to an annual survey by Allianz.
Each BIPOC community identified in the study noted a decline in working with a financial professional compared to 2021. At the same time, the engagement of white Americans with financial professionals remained steady (48% in 2022 vs. 49% in 2021).
Among those surveyed, 24% of Blacks and African Americans used a financial adviser or other financial professional, down from 38% in 2021. Among Hispanics, the decline was from 44% to 35%, while 32% of Asians and Asian Americans now use a financial professional, down from 36% in 2021.
“We know these past two years of managing through the pandemic have only served to exacerbate the racial wealth gap, so it’s discouraging to see that BIPOC communities aren’t getting a higher level of financial planning help compared to last year,” Travis Walker, business solutions and diversity consultant at Allianz Life, said in a release.
The lack of engagement with financial professionals could be causing feelings of unpreparedness, Allianz said in the release.
Fewer BIPOC respondents said they feel prepared to support financially the various things they’d like to do or the passions they’d like to pursue over the course of their life compared to white respondents (62% Black/African American; 68% Hispanic; 72% Asian/Asian American; vs. 78% white).
At the same time, the percentage of BIPOC respondents who have never used a financial professional but said they would consider using one grew for each group: 37% for Black and African American respondents, up from 32% in 2021; 34% for Hispanic respondents, up from 30% in 2021; and 39% for Asian and Asian American respondents, up from 34% in 2021.
Counting advisor moves in and out of firms requires some art as well as science.
“I'm just a big believer that based on demographics alone, we are looking at a 10-to-15 year bull market in M&A in the RIA and independent wealth space,” said Michael Belluomini, SVP of M&A at Carson Group.
As a tsunami of retirees comes crashing in, three-fifths of those surveyed believe – wrongly – that the federal safety net will cover their LTC needs.
Orion's latest update, a partnership with 11th.com, focuses on an underserved area of compliance for advisors and wealth firms.
The latest arrivals, including a 10-advisor ensemble from Ameriprise, bolster the firm's independent contractor and employee advisor channels.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
